Ayala Group inks power plant deal with Marubeni unit
The Ayala group through AC Energy Philippines Inc. (ACEPH) has signed a shareholders’ agreement with a unit of Marubeni Corp. related to a joint venture for a 150-megawatt diesel-fired power…
Tan siblings out of PAL board
Philippine Airlines (PAL) saw a boardroom shakeup on Thursday with the surprise exit of siblings Michael Tan and Vivienne Tan, children of billionaire and PAL owner Lucio Tan. The changes…
New record in virus cases pulls down PSEi for 3rd day
The local stock barometer slipped for the third straight session on Thursday as the number of new coronavirus disease cases continued to rise while foreign funds continued to flow out.The…
Ready to pop: First REIT’s birthing priced at P27 per share
The first real estate trust fund (REIT) in the country, Ayala Land Inc. (ALI)-backed AREIT Inc., has priced its initial public offering (IPO) at P27 per share, a level seen…
Ann Taylor owner files for Chapter 11 bankruptcy
NEW YORK, NY – MAY 18: People pass the window display of an Ann Taylor women’s clothing store in Manhattan on May 18, 2015 in New York City. Ascena Retail…
No bad time to be a Good Guy
The plan was set. After spending years working in an industry that was unrelated to his training, Rence Urian decided it was time to go home to his passion. Rence…
ADB extending record-high $4.2B in loans to PH to help fight pandemic
The Asian Development Bank (ADB) will extend to the Philippines a record $4.2 billion (over P207 billion) in concessional loans this year, with most of it for use in giving…
In another legal win for BSP, ex-owner of shuttered Laguna rural bank convicted of fraud
The central bank has scored another legal victory against erring bank officials after a court last month found the former owner of a shuttered Laguna-based rural bank guilty of fraud.…
Outstanding IOUs climbed to P5.9T in H1 as gov’t ramped up local borrowings
MANILA, Philippines — As the government borrowed more locally to finance COVID-19 response while demand for treasury bills and bonds remained robust as investors sought a safe haven amid a…
S. Korea’s economy shrinks 2.9% in Q2, worst since 1997 financial crisis
Yonhap via The Korea Herald/Asia News Network SEOUL — South Korea’s economy contracted at a sharper rate than what had been expected in the second quarter, delivering the worst performance…